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Some great loan options for Low Low or No down payments.

I always want to keep you updated on the current loan programs. My preferred lender is Kenton Becker with Land Home Financial. Kenton stays on top of every transaction and the buzz in the industry. Here’s a list of the new programs that they have on board and also a couple future programs to get excited about…

Current Programs with Low Low down payments Available:

1% Down Payment Program:

This program is awesome for the higher credit score borrower that doesn’t have a lot of down payment but could come up with at least 1% down payment. The program offers a 1st mortgage at 97%, then 2% gift provided by us, the lender, and the borrower brings in the final 1%. The best part is that they don’t have to take the higher rates that typical down payment assistance programs would have. Rates are very competitive (in the low to mid 4’s…depending on credit), compared to the upper 4’s with down payment assistance. The income limit for King, Pierce and Snohomish counties would be around $115,000 and for many areas of Grant county it would be around $62,100…however there are also a lot of areas with NO income limit. (to see the actual income limits for each targeted area, go to: http://www.freddiemac.com/homepossible/eligibility.html)

No Down Payment Program:

This program through Washington State Housing Finance Commission is a great option if the borrower is not able to come up with anything for the down payment. The benefit here is that they could get into a home for little to no money out of their pockets. The program provides a 97% 1st mortgage through the state and then a 4% bond loan that covers the remaining down payment plus a little closing costs. The down side to this program is that the money does have to be paid back at some point and the rates are higher for this loan. But it does provide 100% financing.

Future Programs Coming Soon:

House 2 Home Program (4% and 5% grants)

This program is coming soon and is technically offered in other states…just not yet in Washington state. We are working on our own 501(c)3 license and have been told that this should be available in around 60 days (so maybe expect 90 days ). Once this is in place we will be able to offer a 97% 1st mortgage with either 4% or 5% in gift funds to cover the borrowers down payment and a little closing costs. The amount they receive will be based on their income limits based on the area they are buying in. This program is going to be HUGE and will ONLY be offered by Land Home Financial, so stay tuned!!

Contact Kenton directly to find out the current information on these or other programs that might fit your personal situation.

And you know … Contact Tom Perry when it’s time to buy or sell real estate. His years of experience always give his clients the advantage!